Thursday, July 8, 2010

House-Passed Financial Overhaul Allows for GM-Style Bailouts of Big Banks
(CNSNews.com) – The House-passed financial regulation bill would allow the government to save the profitable assets of a failing bank and spin them off into a new company – a power that mirrors the government’s action in saving General Motors and Chrysler. The provision is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which passed the House on June 29.

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